Technology Sector Update for 02/22/2019: ACIA,OLED,DBX

Technology stocks were sharply higher in recent trading, with the shares of tech companies in the S&P 500 adding nearly 1.2% in value this afternoon while the Philadelphia Semiconductor Index was rising about 1.1%.

Among technology stocks moving on news:

(+) Acacia Communications ( ACIA ) was trading 16% higher on Friday after the networking equipment manufacturer reported adjusted Q4 net income and revenue topping year-ago comparisons as well as Wall Street expectations. It also is projecting above-consensus Q1 revenue, looking for revenue in a range of $96 million to $104 million compared with the Street view expecting $92.56 million in revenue for the three months ending March 31.

In other sector news:

(+) Universal Display ( OLED ) raced 22% higher after late Thursday reporting better-than-expected Q4 net income, earning $0.40 per share during the three months ended Dec. 31 compared with a $0.69 per share profit during the year-ago period but still exceeding the Capital IQ consensus expecting $0.30 per share.

(-) Dropbox ( DBX ) dropped 8% after RBC Capital lowered its price target on the collaboration platform firm by $5 to $32 a share despite the company late Thursday reporting better-than-expected Q4 financial results, earning $0.10 per share during the October-to-December period following a 23% year-over-year increase in revenue to $375.9 million. The Street was at $0.08 per share on $369.97 million in revenue.